ISA Transfer

nbrewitt · 8 October 2015 at 7:56PM

Can someone please clarify my query relating to an ISA transfer. In April this year I opened and funded to the maximum a Direct ISA with NS&I, with the forthcoming reduction in the interest rate on this account I am looking to transfer to a better rate. Am I allowed to transfer into another ISA or does this count as opening and funding a cash ISA in the same tax year?

Many thanks

Linton · 8 October 2015 at 8:02PM

Transferring doesnt count as a new ISA. But you need to talk to your new provider and get them to transfer in. If you cash in the old maximum ISA and put the money with the new provider yourself then that will be a new ISA and not allowed.

I am assuming "April" is the 6th or later, otherwise its last year's ISA.

nbrewitt · 8 October 2015 at 8:19PM

Thanks for your swift reply, yes it was this tax year and I understand that I need to ask for a transfer in.

ISA Transfer

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free